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  • Central Bank of India Personal Loan Eligibility

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  • Central Bank of India offers a number of personal loan schemes, each with its own eligibility criteria:

    • To be eligible for the Personal Loan scheme (Corporate), the individual should be part of a large corporate company that is a client of Central Bank of India.
    • To be eligible for the CENT personal loan scheme, the applicant should have at least 1-year experience if he/she is a State or Central Government employee, works in a school or institution or 3 years' experience if he/she works in an MNC or a reputed private organization.
    • To be eligible for the CENT Teacher personal loan scheme, the applicant should be a teacher whose salary account is held with Central Bank of India.
    • To be eligible for the CENT Ratna personal loan scheme, the applicant must be a permanent employee in a Maharatna, Navratna or Major PSU.

    Central Bank of India Personal Loan scheme (Corporate) Eligibility

    Criteria Salaried
    Age As per the terms and conditions set by the bank
    Income As per the terms and conditions set by the bank
    Work Experience Should be a permanent employee
    CIBIL Score 750
    Residential Status Resident of India
    Interest Rate 12.55% p.a. onwards
    Loan Amount Up to Rs.5 lakh or 20 times the gross salary of the individual – whichever is lesser
    Loan Tenure Up to 36 months

    Central Bank of India CENT Personal Loan scheme eligibility

    Criteria Salaried
    Age As per the terms and conditions set by the bank
    Income As per the terms and conditions set by the bank
    Work Experience
    • Minimum 1-year experience for Government employees
    • Minimum 3 years' experience for private company employees
    CIBIL Score 750
    Residential Status Resident of India
    Interest Rate 12.55% p.a. onwards
    Loan Amount Up to Rs.10 lakh or 20 times the gross salary of the individual – whichever is lesser
    Loan Tenure Up to 48 months

    Central Bank of India CENT Ratna Eligibility

    Criteria Salaried
    Age As per the terms and conditions set by the bank
    Income EMIs should not surpass 40% of the net take home salary
    Work Experience Permanent employee
    CIBIL Score 750
    Residential Status Resident of India
    Interest Rate 12.55% p.a. onwards
    Loan Amount Up to Rs.6 lakh or 20 times the gross salary of the individual – whichever is lesser
    Loan Tenure Up to 60 months

    Central Bank of India CENT Teacher Eligibility

    Criteria Salaried
    Age As per the terms and conditions set by the bank
    Income EMIs should not surpass 40% of the net take home salary
    Work Experience Permanent employee
    CIBIL Score 750
    Residential Status Resident of India
    Interest Rate 12.55% p.a. onwards
    Loan Amount Up to Rs.5 lakh or 20 times the gross salary of the individual – whichever is lesser
    Loan Tenure Up to 48 months

    Factors affecting Central Bank of India eligibility

    • Type of employment: To be eligible for a personal loan, the applicant should be a government employee, or an employee in a private institution that is a client with Central Bank of India.
    • Should have a relationship with Central Bank of India: The candidate should ideally have a corporate salary account or a savings account with Central Bank of India to improve his/her chances of being eligible for a personal loan.
    • Have the required documentation: The applicant should submit all the required documentation such as his/her identity and address proof and income proof documents to be eligible for the personal loan.
    • EMI/NMI ratio: Central Bank of India takes into consideration the EMI of the personal loan against the net monthly income of the candidate. The EMI amount should not surpass 40% of the monthly income of the applicant for him/her to be eligible.
    • Should have a good repayment record: If the applicant has failed to pay his/her loan dues in the past, this would have affected his/her credit score, and inevitably their chances of being eligible for a personal loan.

    How to improve chances of Central Bank of India personal loan eligibility

    • Check if your company is listed by the bank: If you work in a private organisation, check whether Central Bank of India has listed your company as it will increase your chances of you being eligible for a loan.
    • Choose a loan amount that is suitable based on your income: Depending on your income, use a personal loan eligibility calculator to decide a loan amount that you’d be eligible for.
    • Ensure there are no discrepancies in your documents: The documentation process has to be clean, ensure that all the required documents are in place and there are no discrepancies.
    • Choose a longer tenure: If your income is low, choose a longer tenure as it will reduce your EMI and increase your eligibility to repay the loan.

    FAQs

    1. Are personal loans and loan against property the same product?
    2. No, they are different loan products.

    3. Is the interest rate fixed for all applicants?
    4. No, the interest rate will depend on the several factors such as the loan amount, tenure, income of the individual, etc.

    5. Can I apply for a Central Bank of India personal loan online?
    6. No, Central Bank of India does not have an online application facility. Visit the nearest bank branch to make an application.

    7. What income proof documents will I need to submit?
    8. Submit your pay slips, bank statements, IT Return Certificate and Form 16 to prove your income.

    9. Does Central Bank of India charge a processing fee for personal loans?
    10. Yes, a processing fee of Rs.500 + GST will be applicable per application.

        

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